Renaissance Technologies LLC

(RIFF)

Fund Investment Objectives

The RENAISSANCE INSTITUTIONAL FUTURES FUNDS ("RIFF") are a leveraged, slow-trading, global futures and forwards strategy. RIFF has been designed to provide risk-adjusted returns with non or low correlation to U.S. and global equity markets and with medium to low correlation to other asset classes over the medium to long term with an average annualized standard deviation target of 12-14%.